BioLife Solutions, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, showing notable improvements in revenue and reductions in operating losses compared to the same periods in 2023.

For the three months ended September 30, 2024, total revenue reached $30.6 million, a 30% increase from $23.6 million in the same quarter of 2023. Product revenue specifically rose to $23.5 million, up 37% from $17.1 million. For the nine-month period, total revenue was $85.7 million, a 4% increase from $82.0 million, with product revenue slightly increasing to $64.6 million from $63.4 million. The growth in revenue was primarily driven by a 43% increase in cell processing product revenue for the quarter, which amounted to $19.0 million.

Operating expenses for the third quarter decreased to $32.1 million from $39.0 million year-over-year, contributing to a reduced operating loss of $1.6 million, compared to a loss of $15.5 million in the prior year. For the nine months, the operating loss was $8.5 million, significantly improved from $34.7 million in 2023. The net loss from continuing operations for the third quarter was $1.7 million, down from $15.8 million, while the nine-month net loss decreased to $13.1 million from $30.0 million.

The company’s cash and cash equivalents as of September 30, 2024, were $24.0 million, down from $33.3 million at the end of 2023. Total current assets also declined to $89.4 million from $120.6 million. However, total liabilities decreased to $56.2 million from $75.1 million, reflecting a reduction in current liabilities.

Strategically, BioLife Solutions completed the divestiture of its subsidiary Global Cooling on April 17, 2024, which is now classified as a discontinued operation. The company also entered into a Stock Purchase Agreement for the sale of SciSafe on November 12, 2024, which is expected to be recognized as a gain of approximately $39.6 million before goodwill allocation. Additionally, a reduction in workforce was implemented, affecting 47 employees, or 16% of the workforce related to Global Cooling.

The company continues to focus on its core business of developing bioproduction tools and services, with a strong emphasis on organic growth and strategic acquisitions to enhance its product offerings.